Movies and films are the primary source of entertainment for audiences across the world, so much so that they are almost synonymous with the word entertainment. This claim is only helped by the fact that the valuation of the global film industry stood at $38 billion as of 2016, and is expected to grow significantly in the coming years. The lucrative opportunities persistent in the film industry is urging production houses, both large and small, to produce and launch multiple movies within a short period of time. Consequently, numerous movie titles are released in a year, and people only recall few titles that are produced by reputed production houses. Another problem faced by the film industry is estimating the ROI, or in simple terms, whether the movie will be a success in the box office. Production houses allocate millions of dollar of the budget into the production of the films. As a result, it is essential for them to predict the success of the movie.

Data analytics evolution in the film industry

Historically, movies have always been about arts; the only data relating to a film would come from box office numbers and ticket sales. It was impossible to predict the success of the movie beforehand, and producers would usually have to rely on their judgment. However, that’s no more the case today as alternative distribution platforms have given players in the film industry a source to collect data. They have replaced traditional approaches of predicting success through data mining and data analytics. It is not surprising that the film industry is turning toward big data to increase the success rate of their movies.

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